By Juhi Mirza
Mayor Suarez of Miami has announced a unique way to mainstream Bitcoin. In an interview with Coindesk TV, Suarez has confirmed that each Miami resident with a digital wallet will soon be eligible to receive additional profits or Bitcoin yields earned on the city’s Miami coin.
In an interview held on November 11, Suarez said “We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents.”
Popularizing Bitcoin Usage in Miami
Mayor Suarez further stated that the leading purpose behind the idea of distributing Bitcoin yields to the residents of Miami is to make cryptocurrency accessible to more people.
Launched in August 2021, the Miami coin was introduced to fund municipal projects by generating additional yields. The coin has grown immensely popular since then and has generated yields amounting to $21 million in three months. If the sum is annualized, it would amount to $80 million, which can compensate for one-fifth of the city’s annual tax revenue.
Built on an open-source protocol, Miami coin allocates 30% of its rewards to the city when it’s either mined or bought. Mayor Suarez has also confirmed that the residents will not be required to own Miami coins to receive the free Bitcoin yield.
Being an active crypto proponent, Mayor Suarez has always been known to endorse Bitcoin publicly. Last week, Suarez along with New York’s city mayor Eric Adam announced their plans to accept their next paychecks in Bitcoin. In February, Suarez publicly declared to transform Miami into a cryptocurrency hub by implementing progressive crypto laws and making the city more crypto-oriented in near future.
Meanwhile, following Suarez’s announcement to distribute free Bitcoin yields, the prices of Miami coins have recorded a surge of 18% to a daily high of $0.02369489.
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